Paytm founder Vijay Shekhar Sharma praised India’s tech companies for creating job opportunities in a social media post. He shared a video of an Uber driver claiming to earn ₹80,000 per month. Some online users were skeptical about the driver's earnings, questioning how realistic the claim is given operational costs.
Paytm's parent company, One97 Communications, has approved the sale of its stake in PayPay Corporation, a digital payments company in Japan. The deal, which still needs corporate approvals and other conditions to be met, will boost Paytm Singapore’s cash balance. After the announcement, Paytm’s stock saw a big jump, and the company recently reported a strong profit for the second quarter of 2024.
PMI Electro Mobility has signed an agreement to supply 250 electric buses to Brihan Mumbai Electric Supply and Transport Undertaking. These 12-meter, air-conditioned buses will improve travel in Mumbai, cutting down on carbon emissions and diesel use. The buses will start arriving in FY26. PMI currently runs over 1,700 electric buses in 31 cities across India.
The market downturn in October-November 2024 has reduced NPS equity scheme returns to 26.6%, down from nearly 40% in September. Despite a significant drop in benchmark indices, overall NPS assets grew to ₹13.55 lakh crore. Private sector NPS assets showed strong growth, outpacing the government sector. The rising popularity of NPS as a retirement savings tool is evident from a 21.5% increase in private sector subscribers.
Myntra is rolling out its 30-minute fashion delivery service, M-Now, in Bengaluru and plans to expand to Delhi, Mumbai, and Pune. This quick delivery trend is growing as shoppers want faster online shopping, especially for fashion. Myntra will increase its range from 10,000 to 100,000 styles, including brands like Vero Moda and Tommy Hilfiger. While some analysts doubt if fast fashion delivery will work, Myntra sees it as a long-term investment.
Angel One Limited saw strong growth in its client base in November 2024, increasing by 56% to reach 28.78 million clients. Even though trading activity slightly dropped, the company saw major gains in average client funding and mutual fund SIP registrations. Angel One continues to hold a strong position in the market, particularly in commodities and equity options, showing that investors still trust the platform.
Banking stocks saw a boost after the RBI cut the cash reserve ratio (CRR) by 50 basis points, with PSU Bank stocks rising nearly 2%. While the repo rate stayed the same, analysts expect more cash flow for banks and slight help for their profit margins. Experts believe the full effect on margins will be felt by FY26, with PSU banks less impacted due to their loan structures.
The Ministry of Corporate Affairs (MCA) has removed 2.33 lakh inactive and non-compliant companies in the past five years as part of a major clean-up. The government is targeting shell companies, which are often involved in illegal activities like tax evasion and money laundering. States like Maharashtra and Delhi have been the biggest contributors to this issue, with major action taking place in 2022-23. This effort aims to improve corporate governance and reduce widespread non-compliance.
Honda has launched the new third-generation Amaze in India, starting at Rs. 7.99 lakh. The updated model brings a fresh look, improved interior, and new tech features, while keeping the same 1.2L petrol engine. Key updates include a bigger touchscreen, wireless Apple CarPlay, ADAS, and a revamped design. The car is available in six variants, with deliveries starting next month.
ICICI Bank confirmed that Maharashtra GST authorities searched three of its offices on December 4, 2024. The bank is fully cooperating with the investigation. The searches are being carried out under sections 67(1) and 67(2) of the Maharashtra GST Act, 2017. The bank had recently reported strong financial results for Q2 FY 2024-25, showing significant growth in profits and loan portfolios.